AMLC has 2 new freeze orders in flood mess
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HE Anti-Money Laundering Council (AMLC) has acquired two new freeze orders on assets of government officials linked to alleged corruption in flood control projects, bringing the total value of frozen assets to P11.7 billion. AMLC reported on Wednesday that the latest orders cover an incumbent high-ranking official from an independent constitutional body and a former elected government official. The newly frozen assets include 230 bank accounts, 15 insurance policies, two helicopters, and an airplane, with the air assets alone estimated to be worth around P3.9 billion. According to the AMLC, the as-
sets are linked to possible violations of Republic Act No. 3019 or the “Anti-Graft and Corrupt Practices Act,” as well as Article 217 of the Revised Penal Code on “Malversation of Public Funds and Property.” “The issuance of the freeze orders will enable AMLC to pursue a more extensive financial investigation to uncover any possible money laundering scheme linked to the flood control projects,” AMLC Executive Director Matthew M. David said. “The public can be assured that the AMLC will continue to pursue all possible legal remedies to ensure that those involved in the misuse of public funds are held accountable,” David added.
AMLC Executive Director Matthew M. David PNA PHOTO
So far, the AMLC has frozen 3,566 bank accounts, 198 insurance policies, 247 vehicles, 178 real estate properties and 16 e-wallet accounts connected to the controversial flood
control projects. The total value of these assets stands at P11.7 billion and this is expected to increase as new orders take effect. With the freeze order in place, banks are now authorized to review their records, identify the balances in the affected accounts and report these findings to the AMLC. David said that the issuance of the freeze order sets the stage for filing civil and criminal charges, as well as for recovering any funds that may have been transferred before the order was implemented. The freeze directive may only be lifted if the owners of the accounts or assets file a motion seeking its Reine Juvierre S. Alberto reversal.
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Thursday, November 27, 2025 Vol. 21 No. 50
P25.00 nationwide | 3 sections 26 pages | 7 DAYS A WEEK
By Reine Juvierre S. Alberto @reine_alberto
HE national government logged a “bad” kind of budget surplus in October, as both revenue collection and spending declined due to cautious spending by the state—a response to the massive outcry over alleged corruption in flood control projects.
Latest data from the Bureau of the Treasury (BTr) showed the budget surplus grew by 75.93 percent to P11.2 billion in October 2025 from P6.3 billion in the same month a year ago. This comes after revenues dropped by 6.64 percent year-onyear to P441.7 billion from P473.1 billion due to lower tax revenues from the Bureau of Customs (BOC) and non-tax revenues. Still, revenue collection was slightly higher than government expenditures, which fell by 7.76 percent to P430.6 billion from last
year’s P466.8 billion. According to Leonardo A. Lanzona, economist at the Ateneo de Manila University, October’s budget surplus is “borne of the flood control scandal.” The government had to review its programs and policies that were leading to corruption, Lanzona said. “Since this also caused the decline in the GDP growth, this is an unfavorable development as the economy has relied heavily on government spending,” the economist added. See “Budget,” A2
A.I. IS AN OPPORTUNITY, BUT MOST PINOYS FRET OVER RISKS
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ILIPINO consumers view Artificial Intelligence (AI) as an opportunity, but majority of them doubt their ability to spot AI-driven threats such as deep fakes and scams, according to a report published by Appdome. “In 2025, Filipinos view AI with optimism but lingering skepticism, demanding strong protections against threats like deepfakes and scams,” Appdome said in its report. The cybersecurity mobile app said while 67.2 percent of Filipinos see AI as an opportunity, compared to 65.7 percent globally, 70 percent of Filipinos doubt or cannot verify protections against AI-driven threats. Meanwhile, 32.8 percent of Filipinos see AI as a threat, a ratio that is close to the 34.3 percent worldwide. Alongside the confidence of Filipino consumers on AI, however, is their demand that mobile apps protect against AIdriven threats like deepfakes, bots, and impersonation. In the Philippines, the Ap-
pdome report noted that 44.1 percent rated these protections “extremely important” and 27.3 percent very important, compared to 45 percent and 29.6 percent globally. The report said that “alarmingly,” 12.7 percent of Filipinos, against the 11.3 percent globally, said they would not use an app at all if protections were missing. As to the victims of AI-driven scams, the report divulged that 34.1 percent of respondents said they have been exposed to social engineering attacks or know someone who has, compared to the 28.1 percent above the global average. “This isn’t just a statistic; it shows how AI-driven scams are hitting real people. For mobile brands, failing to protect users from these attacks means exposing them to financial loss, eroding trust, and driving users to abandon apps they no longer feel safe using,” the report underscored. Appdome said this was the See “A.I.,” A2
CLASS DISMISSED Members of a demolition team dismantle a portion of a school along Palma Street in Batasan Hills, Quezon City, on Wednesday, November 26, 2025. The operation, ordered by a court to enforce the vacating of a 2,300-sqm lot owned by a private individual since 2024, was conducted lawfully. Petitions by 25 families claiming the property had been awarded to them decades ago were denied. The National Housing Authority-NCR confirmed relocation assistance will be provided. NONOY LACZA
‘Unrest, slowdown to dampen confidence’
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HILE the Philippines’s credit rating has not changed because of corruption-related protests, prolonged social unrest or slow economic activity could affect investor confidence and borrowing costs, according to analysts from Fitch Ratings. An example of this is the Philippines posting a “sharp” economic slowdown in the third quarter, recording a real GDP growth of 4 percent year-on-year—below the government’s target of 5.5 to 6.5 percent. They attributed the sharp decline in public investment, which dropped by 26 percent year-onyear after President Ferdinand Marcos Jr. announced a crackdown on corruption in the wake of protests over a corruption
scandal involving abuses in flood prevention works. “The direct impact on economic activity can be limited and temporary if political stability is swiftly restored and consumer and business confidence recover fully,” analysts said. However, if protests and social tensions continue, they could drag on economic growth by undermining confidence among both domestic and foreign investors. Investor confidence can falter amid political instability, leading to capital outflows, slower remittance inflows and supply-chain disruptions that hit exporters, according to the analysts. Tourism revenues may also decline if foreign visitors are deterred, while residents and nonresident investors may move as-
sets abroad, pressuring exchange rates and foreign-currency reserves, they added. Political unrest may also make fiscal consolidation more challenging, they said, as governments that face outbreaks of political unrest may become more reluctant to pursue fiscal consolidation. “Major protests can serve as important catalysts for changes in governments’ fiscal policy approaches, but if social and political tensions persist over time, they can also have a negative influence on budgetary performance,” they added. Moreover, the effects of political instability are amplified when it leads to prolonged uncertainty, government changes, or major shifts in institutional frameworks. Governance metrics in many
Asian emerging markets, particularly control of corruption, are weaker than peer medians, meaning political flare-ups and subsequent crackdowns can worsen political stability and accountability, analysts said. However, they said that sovereigns with greater buffers, such as lower debt or larger fiscal or foreign exchange reserves, generally exhibit greater resilience to bouts of social unrest, including protests that result in changes of government. “Even so, the adverse effects of significant political instability can erode a sovereign’s rating headroom if its buffers are actually deployed, whether a sovereign is investment grade or high yield,” they added. Reine Juvierre S. Alberto
PESO EXCHANGE RATES n US 58.8930 n JAPAN 0.3774 n UK 77.5444 n HK 7.5743 n CHINA 8.3129 n SINGAPORE 45.2745 n AUSTRALIA 38.0861 n EU 68.1510 n KOREA 0.0402 n SAUDI ARABIA 15.7023 Source: BSP (November 26, 2025)